Gold prices surge on increasing expectations of Fed pause.
Gold prices rose as signs of cooling inflation increased the likelihood of a pause in US rate increases, although traders are still expecting one more hike in May. The Consumer Price Index (CPI) climbed 0.1% in March, compared to a forecast of 0.2%, while the core CPI gained 5.6% in the 12 months through March. The dollar and benchmark US yields fell, while gold is seen as a hedge against inflation. The Federal Reserve's March meeting minutes are also in focus, with traders awaiting insight into policymakers' evaluation of the need for higher rates.